Reverse Mortgage Lenders in Fresno CA

Fresno Madera California

Fresno Madera California

Are you interested in possibly entering into a reverse mortgage in the Fresno Madera area of California? If so, it’s important to understand that there are some eligibility requirements involved in securing a reverse mortgage. In addition to meeting the eligibility requirements, it’s also important for you to understand that you will be expected to fulfill certain responsibilities should you qualify for a reverse mortgage. It’s always a good idea to speak with a reverse mortgage lender about your situation and about whether or not a reverse mortgage is the right choice for you; by considering a few basic factors, you should be able to determine for yourself whether or not you meet the eligibility requirements and obtain a reverse mortgage.

Age Matters!

Reverse mortgage lenders in the Fresno Madera California areas will need to have proof of your age before they can begin working with you. That’s because reverse mortgages are available only to adult homeowners age sixty-two or older. Bear in mind that this age requirement applies to all individuals who are listed on the home’s title, not just the primary borrower.Fresno Madera California o or older and your spouse or another borrower is not, it may be possible to take that person off of the title so that you can still qualify for the home loan and for excellent reverse mortgage rates.

Maintaining a Livable Home

Your reverse mortgage rate in Fresno Madera California will be affected by a number of factors, including the condition and overall value of your home. You will be required to maintain a property that is inhabitable and in acceptable condition throughout the reverse mortgage loan agreement.Fresno Madera California provide you with more specific details about what types of repairs are required, as well as minimum standards for your home’s condition. If your home becomes unlivable and you are forced to vacate the property, note that you and any other homeowners would then become responsible for paying back the reverse mortgage loans. The good news is that you may be able to use the funding you receive toward any necessary home repairs. A quality reverse mortgage calculator can give you an idea of how much you are likely to receive in loan payments, allowing you to easily determine whether or not necessary repairs are within your budget.

No Other Mortgages

Those who choose reverse mortgage solutions must not have any other mortgages on their homes. If you currently have a mortgage, however, you may be able to pay it off using funds from your reverse mortgage loan, providing the current mortgage is not more than the amount of the reverse mortgage payments you would receive. If you currently have a mortgage on your home, do not let that stop you from speaking with reverse mortgage lenders about your options. It is not at all uncommon for borrowers to use reverse mortgage funds to pay off current mortgages. Many homeowners enjoy the feeling of financial freedom that comes from finally paying off a traditional mortgage, which would be nearly impossible if not for the income of the reverse mortgage.

Fresno Madera California Fresno Madera California
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Fraud in 3-D - National Mortgage News

2007-11-14 07:13:54 by Apprsr

By Ann Fulmer
Forget the rose-colored glasses. To see what’s coming in the next year, you’re going to need those 3-D glasses they used to hand out at sci-fi movies.
As we all know, the real estate bubble has burst. Thousands of families have lost their homes and millions more may be at risk. And as bad as it is right now, most surveys predict that the worst is yet to come. A disaster is unfolding before our eyes.
As David Ignatius said in a recent Washington Post article, “Bubbles must be lived forward, even if they can be understood only in reverse


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  • Avatar Wilson M How do I find out who paid the property tax?
    Jun 03, 2013 by Wilson M | Posted in Other - Business & Finance

    My question involves a house located in the city of Los Angeles, California. I m trying to help a sickly 93 year old family friend who has a reverse mortgage. Due to major health issues in 2011, this friend has had to permanently move into a nursing home in 2011. She decided to give her house to the reverse mortgage company in December 2011, however as of today June 3rd, she never signed-off the formal paperwork to give her house to the reverse mortgage company. Yet somehow looking at online records, her house was put up for sale January 2012 and then taken off the market (de-listed) in March 2012 …

    • If it is still in your friend s name, then the reverse mortgage company has not yet foreclosed on the property. it is most likely that they paid for the property taxes; this would be expected, as they will just add the amount advanced for the property taxes to the loan balance. once the current year s taxes remain unpaid for a few months, the lender will then again advance the money to pay off whatever is past due. if it is indeed still in your friends name, with the reverse mortgage lender as lien holder, there is no way they would have rented out the house. they are not allowed to do that …